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DBS to announce purchase of Citi’s Taiwan consumer business -sources -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: The logo for DBS can be seen outside of a Singaporean office January 5, 2016. REUTERS/Edgar Su/File Photo

TAIPEI (Reuters). Singapore’s DBS Group, (OTC) will reveal Friday that they are to sell Citigroup (NYSE: ) Taiwanese consumer finance firm, according to two people familiar with the matter.

DBS declined comment from Citi and Citi.

Sources spoke under condition of anonymity because they weren’t authorized to talk to the media. They didn’t provide further information.

The Wall Street Journal stated this month that it could fetch as much as $2.2 billion.

Citi had announced in 2013 that it will close 10 retail outlets in Asia in order to refocus on more profitable wealth management and institution-related businesses.

Citi has reached an agreement to sell four of its Southeast Asian customer businesses to United Overseas Bank, OTC: for approximately S$5 billion (or $3.7 billion).

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